(VOVWORLD) - Vinfast's shares rallied again in New York on Monday after losing their value for three consecutive days on Nasdaq.
 VinFast shares (VFS) rally again after a three-day losing streak, closing at 17.58 USD each in a Nasdaq's trading session on August 21. (Photo: VOV) |
VinFast's shares (VFS) gained 14% to close at 17.58 USD each at the trading session on Monday, raising VinFast’s market value to nearly 41 billion USD.
During the session, VFS fluctuated sharply, at one point hitting a high of 18.5 USD, before falling to 17.58 USD.
Only 2.11 million VFS shares changed hands, much lower than the 3.3 million shares/session average in five previous trading sessions.
The VFS rally benefited from the rise of tech shares after weekly declines on Wall Street. The Nasdaq Composite Index alone inched up 0.7% to 13,393 points.
VinFast successfully made its initial public offering (IPO) on the Nasdaq Global Select Market last Tuesday, after merging with Black Spade Acquisition Co., a special purpose acquisition company (SPAC).
Immediately, VFS shares surged sharply and closed at 37.06 USD each, raising the firm’s market value to more than 85 billion USD.
Following VinFast’s IPO, billionaire Pham Nhat Vuong, chairman of VinFast's parent company, VinGroup, joined Asia's wealthiest as his real time net worth stood at 44.5 billion USD, making Vuong the fifth richest man in Asia and the richest in Southeast Asia.
However, the three consecutive trading sessions following the IPO saw VFS dropped sharply in value, prompting Vuong to lose more than half of his networth to 21 billion USD. His wealth fell to the 78th place in the world and the fourth in Southeast Asia after three Indonesian billionaires.